Initially, there is a need to submit an application for the name of the business. The application for approval or change of name is submitted by hand or by mail to the “One Stop Shop” Office or to the Registrar of Companies and Official Receiver along with the fee of €10.00, or €30.00 under accelerated procedure (payable in cash, cheque or via a bank transfer). The “One Stop Shop” only accepts applications with acceleration fees, and the One Stop Shop Application Cover for Name Approval is to accompany the above- mentioned application.
- At the same time, applications for name approval can be submitted online at: https://efiling.drcor.mcit.gov.cy/DrcorPrivate/Login/Login.aspx?ReturnUrl=%2fdrcorprivate%2forganizationselection.aspx
The name approval is examined within one month, or one to two working days under accelerated procedure. The results of the name examination of the applications submitted are provided online.
When the application for name approval is submitted through the One Stop Shop, it must be accompanied by the One Stop Shop Application Cover for Name Approval.
A name approval is valid for six (6) months. If during this period of time (six months from the date of the name approval) a company (business name, partnership etc.) is not registered, the name approval has to be renewed by following the same procedure.
In certain cases and in accordance to the nature of business of the company, an approval from the Competent Authority prior to the use of a certain name is necessary (e.g. from the Legal Council for registering a Law Office, from the Ministry of Education and Culture for an educational institution).
After securing the name approval, the relevant documents for the registration of the legal entity are to be submitted, according to the legal form of the entity/business.
Here are all the steps that need to be taken to register a company:
|1||Reserve the company name and get initial approval from the Registrar of Companies
Agency: Registrar of Companies
A standard form application for approval of name is submitted in person or by mail to the One Stop Shop Cyprus. It can also be submitted electronically to the Registrar of Companies and Official Receiver, through the E-filing website https://efiling.drcor.mcit.gov.cy.
Costs: € 10 is compulsory and additional € 20 for expediting the procedure, which is optional
|2 days||€ 30|
|2||Prepare the Memorandum and Articles of Association by a Lawyer
The Registrar of Companies has no standard form for the Memorandum and Articles of association. The Companies Law provides a general template applicable for any kind of activities. It is a statutory requirement to have lawyers prepare the Memorandum and Articles of Association, who must also sign the relevant declaration.
|1 day||€ 1,000|
|3||Submit documents at the Companies Section of the Department of Registrar of Companies and Official Receiver
Agency: Companies Section of the Department of Registrar of Companies and Official Receiver
Entrepreneurs can file through the Department’s website www.mcit.gov.cy/drcor or in person. The following is required:
i) A form setting out the secretaries and directors
ii) A form setting out the registered office
iii) A form setting out the shareholders
iv) Declaration by the lawyer: sworn affidavit that the registration process and articles of association are in compliance with the law (not mandatory).
v) Memorandum and Articles of Association
|2 days||€ 205 registration fee + 0.6% on the authorized capital + € 220 for the Certificates (optional)|
|4||Register at the Tax Department for Tax
Agency: Tax Department
Starting July 1, 2014, the Tax Department was formed which integrated the Inland Revenue Department and the VAT Services. Companies can register online for taxes at http://www.mcit.gov.cy/mcit/drcor
|1 day||No charge|
|5||Register at the Tax Department for VAT
Agency: Tax Department
According to the VAT legislation, every person making taxable supplies is liable to be registered in the following cases:
i) At the end of any month, if the value of the taxable supplies in the period of one year then ending has exceeded €15.600;
|1 day||No charge|
|6||Register for Social Contribution at the Ministry of Labor, Welfare and Social Insurance
Agency: Ministry of Labor, Welfare and Social Insurance
(can be done simultaneous with Step 5)
If you want to set up a company in North Cyprus, these documents should be submitted to the Official Receiver and Registrar (Turkish Cypriot Chamber of Commerce, 2018):
Company Registration Without Foreign Capital:
- Company Name - the Registrar will accept any name which is not identical to one already on the register.
- Company’s statutes and Article of Association
- Ş 1,2,3 Forms
- Photocopy of identity card
There is a slightly different process to follow when you want to register a company with foreign capital, please have a look here: http://www.ktto.net/en/setting-up-a-company/ (Turkish Cypriot Chamber of Commerce, 2018)
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Turkish Cypriot Chamber of Commerce (2018). Setting up a Company. Available at: http://www.ktto.net/en/setting-up-a-company/ [Accessed 26 January 2018]